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Wednesday, November 19, 2008

A lot of people wonder if they need a trust or if a trust will be a "cure-all" to all issues that could come up after they die. This seemingly simple question is really only properly addressed through determining an individual's goals for their overall estate plan. A trust may play a role in accomplishing these goals.

First, a definition, a trust is a type of ownership where the control of the property and the benefits of ownership are split. A trustee has control of the property and the beneficiary has the benefits of the property. Because pieces of the ownership are split, trusts end up being a useful vehicle to accomplish many types of estate planning goals. These goals include:

1. avoiding or eliminating estate tax2. avoiding probate3. becoming eligible for medical assistance4. farm or family cabin continuation5. providing for young children or those with special needs6. allowing another to use your assets to provide for your needs in case of incapacitation7. using your assets to accomplish a charitable purpose.

If you are interested in using a trust to accomplish some of these goals, speak with a licensed attorney who can discuss your estate planning goals and various legal tools, including trusts, that may help.

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This blog is for informational purposes only. No attorney-client relationship is established through blog postings, comments or otherwise through this blog. If you a contemplating a will, trust or any other form of estate planning you should contact a licensed attorney.